Gretchen Morgenson: New York Fed Agreed to Testify for Bank of America (Secret Agreement)

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Gretchen Morgenson: New York Fed Agreed to Testify for Bank of America (Secret Agreement)

Gretchen Morgenson: New York Fed Agreed to Testify for Bank of America (Secret Agreement)

New York Times-

TWO weeks ago, I wrote a column about a secret agreement struck in July 2012 by the Federal Reserve Bank of New York and Bank of America. The existence of the confidential deal was disclosed recently in court filings, which showed the New York Fed releasing Bank of America from all fraud claims on mortgage securities the Fed had bought as part of the government’s rescue of the American International Group in 2008.

A.I.G., which is suing Bank of America to recover losses it suffered on those securities, has calculated the value of the fraud claims at $7 billion.

[NEW YORK TIMES]

[ipaper docId=128166018 access_key=key-1k1syui6pf5tqes0wepq height=600 width=600 /]

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3 Responses to “Gretchen Morgenson: New York Fed Agreed to Testify for Bank of America (Secret Agreement)”

  1. Sarah says:

    Social trust? Unlikely, understand why this agreement would be secret.
    Gretchen can’t directly question the legality of these so-called absurd “contractural” obligations, which makes this reporting even worse to digest.

  2. Charles Reed says:

    So who got the most to lose as the Mortgage Backed Securities (MBS) over at Ginnie Mae were always bogus and actually never had any underlining collateral? The Federal Reverse is buying these bogus MBS, so is the Federal Government suppose to honor the 100% return of a scam?

    Are the taxpayers willing to pay these claims out, plus pay a bogus insurance claim by the Federal Government insurances in FHA Mortgage Insurance Premium or VA Guaranty Fund to servicers?

    The Federal Reserve like in the BOA case is being paid to look the other way!

  3. Elaine Williams says:

    Why are we not seeing this in mainstream media? WHY?

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